US expands extraterritorial scope of Iran sanctions

Law firm Clyde and Co has provided a detailed update on new sanctions legislation in the US against Iran. On 2 January 2013, President Obama signed into law the Iran Freedom and Counter-Proliferation Act of 2012 (the IFCPA) as part of the National Defense Authorization Act for the fiscal year 2013. The IFCPA represents a significant development in the US Government’s efforts to expand the extra-territorial reach of US Iran sanctions, which now extend to the entirety of the Iranian energy, shipping and ship-building industries.